Spot rubber made another record on Monday. The market moved up on fresh buying and short covering, though there were only marginal gains on the National Multi Commodity Exchange. Domestic supply concerns continued to cast their shadow over trading activities and it was difficult to find out a quantity seller even at those awesome levels. The trend was mixed as ungraded rubber closed unchanged amidst low volumes.
Indian rubber prices are likely to set record highs this week buoyed by good demand and rally overseas though profit taking may limit the gains, dealers and analysts said. Demand from tyre companies was intact despite record high prices. A few farmers were holding back stocks expecting a further rise in prices.
Sheet rubber improved to Rs 215 (214) a kg, according to traders. The grade finished flat at Rs 214.50 a kg, both at Kottayam and Kochi as reported by the Rubber Board.
Futures firm
In futures, the January series for RSS 4 firmed up to Rs 214.90 (214.24), February to Rs 223.00 (221.01), March to Rs 228.12 (225.97) and April to Rs 233.90 (232.68) a kg on the NMCE.
RSS 3 (spot) slipped to Rs 239.68 (239.87) a kg at Bangkok. Spot rates were (Rs/kg): RSS-4: 215 (214); RSS-5: 204.50 (203.50); ungraded: 200 (200); ISNR 20: 212 (211) and latex 60 per cent: 148 (146).
(Source: http://www.blonnet.com/2011/01/11/stories/2011011152591800.htm)
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